Under ConstructionDevelopers and Advisors for
Quality Affordable Housing Development
Assisted Living 

Heritage Woods of Plainfield

Plainfield Supportive Living, LLC

Major Funding Partners:
Federal Housing Administration
One institutional purchaser of tax-exempt bonds
Great Lakes Capital Fund

Plainfield, IL

108 unit supportive living facility with dining room, wellness room with exercise equipment, laundry, a library and activity rooms.

Development Cost:

Finance Sources:
Tax-exempt bonds
4% tax credits
FHA mortgage insurance

Heritage Woods of Plainfield is a 108 unit supportive living facility for the frail elderly that provides a full range of services including 24-hour supervision, three meals per day, medication reminders and health assessments, recreational and social programming. 

The ownership is a private developer which includes Mark Laubacher as one of its members. The Laubacher Company was the project’s development manager and financing coordinator. Our roles included: managing all budgets and forecasts and coordinating the overall FHA and IHDA application processes. The Laubacher Company arranged for first mortgagee financing by placing non-recourse, tax-exempt draw-down bonds for the borrowers at a 5.40% interest rate fixed for 40 years. The draw-down bond financing structure reduced the construction period interest expense by $320,000.

For the LIHTC funding, The Laubacher Company managed the entire process from soliciting proposals and negotiating terms with LIHTC syndicators, and acted as the primary liaison with the legal team in the closing process. This role extends into construction, with The Laubacher Company overseeing all construction funding draws.